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    Union Beach Mixed-Use Commercial Property Title is generated by Realmo AI

    603 Florence Avenue, Union Beach, NJ 07735

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    For Sale
    $639,900

    COMMERCIAL - Union Beach, NJ

    Property size:
    1,986 SF
    Price / SF:
    $322/SF
    Added:
    May 19, 2026
    Days on Market:
    18
    Last Refresh:
    Jun 5 at 7:06 am

    Property Features for 603 Florence Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Property condition
    Under Construction
    Parking
    8
    Parking features
    Off Street, Parking Lot, Open
    Basement
    Crawl Space
    Standard status
    Active
    APN
    50-00015-0000-00001-01
    Size
    1,986 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    14972

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    2025
    Floors in Building
    2
    Flooring type
    Vinyl
    Building materials
    Block, Brick, Concrete

    We can help!

    Listing Contact
    Susan Grace McGowan

    Listing agent Susan Grace McGowan License #0125875

    Listing office Hometown Residential Realty LLC 1061-D Hwy 34, Aberdeen, NJ

    Listing date May 19, 2026

    MLS# 22614738

    Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use commercial building: first‑floor professional office plus a second‑floor rental apartment (currently rented).
    • Built in 2025 and under construction; exterior construction includes block, brick, and concrete.
    • Office space includes open area, separate back room with its own entrance, storage, and a fire panel alarm system.
    • Second‑floor apartment: 2 bedrooms, 1 bathroom, large living room and dining area, kitchen with stainless appliances, plus a large walk‑up attic.
    • Renovated and flood proofed; utilities include public water and public sewer.
    • Parking for 5 vehicles with off‑street/open parking in a parking lot setting.

    Overview

    This mixed-use commercial property in Union Beach, NJ, is priced to sell. The renovated and flood-proofed building offers a versatile layout suitable for various business and residential purposes. The first floor is designed as a professional office space, featuring an open area, a separate back room with its own entrance, storage space, and a fire panel alarm system. It is suitable for a lawyer, accountant, realtor, insurance, tax professional, some medical practices, trades, call center, tutoring, and more. Parking is available for up to 5 vehicles. The second floor houses a fully renovated apartment with 2 bedrooms, 1 bathroom, a large living room, a dining area, a kitchen equipped with stainless steel appliances, and a large walk-up attic. The apartment benefits from ample natural light and substantial wall space. The property is located at the corner of Florence Avenue and Dock Street, offering great visibility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Dental Office Hair Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm Big Box & Wholesale Store Auto Repair Shop Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Union Beach
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.174888
    Latitude
    40.449486

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    FAQs

    What type of property is this?
    Mixed-use property - Renovated mixed-use property with office and rental income potential.
    Where is this mixed-use property located?
    The property is located at 603 Florence Avenue Union Beach, NJ.
    What is the asking price?
    The asking price for this property is $639,900.
    What are key features of this property?
    This property features: Mixed‑use commercial building: first‑floor professional office plus a second‑floor rental apartment (currently rented).; Built in 2025 and under construction; exterior construction includes block, brick, and concrete.; Office space includes open area, separate back room with its own entrance, storage, and a fire panel alarm system.
    (732) 583-8888
    We can help!
    Listing Contact
    Susan Grace McGowan
    Real Estate License ID: 0125875
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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